Filing for the 2nd quarter: 1601-EQ, 2550Q or 2551Q?

July 9, 2018 — Since we have currently reached the end of the 2nd quarter, the time to settle those quarterly taxes from the previous quarter begins!

With so many updates regarding the tax regulations in the past few months, you are probably scratching your head by now, wondering where to start and what forms to file next. But don’t worry, JuanTax has got you covered! We are here to remind you of the tax forms that you need to file.

Here are some of the tax deadlines for the month of July:

July 20: Filing of 2550M, 2551Q, 2307

July 20, 2018 is the deadline for filing of the following tax forms:

Filing and Payment of 2550M forms(Monthly Value-Added Tax Declaration) for the month of June 2018. This deadline is intended only for non-eFPS filers.

July 23, 2018 (Monday) marks the deadline for e-Filing of Monthly Value-Added Tax (2550M) for June of 2018. Of course, this goes for Groups C, D and E.

July 24: e-Filing of 2550M — Group B

Tuesday (July 24, 2018) focuses on e-filing of Monthly Value-Added Tax for those under Group B. This is also for June 2018.

July 25 : e-Filing and e-Payment/ Filing and payment of 2551Q, Others

July 25, 2018 marks the date for both e-Filing and e-Payment/ Filing and Payment of 2551Q (Quarterly Percentage Tax Return) tax forms. This is for those subject to Percentage Tax under Section 128 (A)(1), in accordance with the Tax Code (for QE 30 June 2018).

As mentioned in one of BIR’s tax advisory, taxpayers who are subject to filing of percentage tax, as well as those who had changed their registration from VAT to Non-VAT, shall already pay percentage taxes on a quarterly basis within 25 days after the end of each taxable quarter using the 2551Q tax form, thus removing the need for them to file on a monthly basis using 2551M.

Aside from 2551Q, this date also serves as the deadline for the following:

Aside from quarterly filing of percentage tax, July is also the deadline when it comes to filing of withholding taxes.

July 31, 2018 is the deadline for e-Filing and e-Payment/Filing and Payment of withholding tax forms such as 1601-EQ (Quarterly Remittance Return of Creditable Income Taxes Withheld) and 1601-FQ (Quarterly Remittance Return of Final Income Taxes Withheld).

As mentioned in Revenue Memorandum Circular No. 27-2018, 1601-EQ and 1601-FQ forms are replacing 1601-E and 1601-F as its main withholding tax forms. 0605 payment forms shall be replaced by 0619-E and 0619-F remittance forms, and amounts from those remittance forms should be reported within 1601-EQ and 1601-FQ forms.

For users who have signed up with JuanTax, you can easily file your 2551Q, 1601-EQ and 1601-FQ tax forms in both of our Xero Integrated and Standalone versions, giving you a lighter perspective on how to file your taxes efficiently. Visit our Help Center to learn more.

JuanTax is a Philippine-based cloud tax software which helps businesses in achieving compliance with the Bureau of Internal Revenue (BIR) when it comes to filing local taxes.